R.J. Reynolds Sells Historic Headquarters

WINSTON-SALEM, N.C. (AP) -- R.J. Reynolds Tobacco Co. has sold its historic North Carolina headquarters building for $7.8 million and says it will be converted into a boutique hotel, restaurant and upscale apartments.

The nation's second-biggest tobacco company Thursday announced the sale of the building in downtown Winston-Salem to PMC Property Group and Kimpton Hotels & Restaurants.

The 22-story art-deco style Reynolds Building was designed by New York architectural firm of Shreve and Lamb and completed in 1929. The maker of Camel and Pall Mall cigarettes says the building was selected as the 1929 Building of the Year by the National Association of Architects and later served as the model for the Empire State Building.

R.J. Reynolds is owned by Reynolds American Inc. It moved out of the building and into nearby offices in late 2009.